Weakness prevailed in the early afternoon trade. All the sectoral indices on BSE were in the red, with IT and banking indices sliding sharply. The market breadth was poor.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.32% to 1.71%. However, China`s Shanghai Composite was up 0.58%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
At 12:20 IST, the 30-share BSE Sensex was down 267.53 points or 1.54% at 17,071.78. The index lost 301.28 points at day`s low of 17,038.03, hit in the early afternoon trade.
The broader based S&P CNX Nifty was down 67.9 points or 1.32% at 5067.60.
The market breadth was poor on BSE with 810 shares advancing as compared to 1644 stocks that declined. 56 stocks remained unchanged.
The BSE Mid-Cap index was down 1.07% at 7,124.33 and the BSE Small-Cap index was down 0.93% at 8,645.98.
Top Sensex losers were, Satyam Computer (down 3.82% at Rs 470.60), TCS (down 3.74% at Rs 930.05), Infosys Technologies (down 3.68% at Rs 1775.50) and ICICI Bank (down 3.47% at Rs 885.90).
Top Sensex gainers were, Reliance Communication (up 1.18% at Rs 546.65), Ranbaxy Laboratories (up 0.36% at Rs 468), and Tata Steel (up 0.30% at Rs 827.40).
Bharti Airtel staged a rebound today after sliding nearly 8% in past two sessions. India`s biggest listed cellular services provider by market share Bharti Airtel rose 1.07% at Rs 824.50. The stock had declined 8.73% to Rs 815.80 on Wednesday, 7 May 2008 from Rs 893.85 on Monday, 5 May 2008 on reports the firm may acquire 51% of South African telecommunications group MTN.
The BSE FMCG index was down 2.16% at 2,456.05. ITC (down 4.76% at Rs 216.15), United Breweries (down 3.97% at Rs 235.95), Dabur India (down 1.78% at Rs 104.55), and Hindustan Unilever (down 0.84% at Rs 249), slipped.
The BSE Capital Goods index was down 1.27% at 13,467.95. Jyoti Structures (down 3.11% at Rs 157.40), Kalpataru Power Transmission (down 2.79% at Rs 1040), Larsen & Toubro (down 2.53% at Rs 2,911), BEML (down 2.03% at Rs 1,114), Punj Lloyd (down 1.55% at Rs 348.95), Thermax (down 1.18% at Rs 491.95) and Bharat Heavy Electricals (down 0.91% at Rs 1,767.50), decline,
India`s third largest listed cellular services provider by sales Idea Cellular rose 1.54% to Rs 105.50. The firm slashed its long-distance call rates and roaming charges. As per the new tariffs, subscriber trunk dialling (STD) call charges have been reduced to Rs 1.30 per minute effective from Friday, 9 May 2008.
Shree Cement dropped 1.69% to Rs 945. The firm posted 71.9% surge in net profit to Rs 41.07 crore on 71.9% increase in net sales to Rs 650.07 crore Q4 March 2008 over Q4 March 2007.
Mid-day Multimedia, which published tabloid, gained 1.50% to Rs 33.80. The firm reported net profit of Rs 0.23 crore in the Q4 March 2008 as compared to net loss of Rs 2.88 crore in Q4 March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.
BSE Sensex fell 33.70 points or 0.19% at 17,339.31 and the broader based S&P CNX Nifty slipped 9.15 points or 0.18% at 5135.50, yesterday 7 May 2008.
As per provisional data, foreign funds bought shares worth a net Rs 88.30 crore yesterday, 7 May 2008. Domestic funds bought shares worth a net Rs 234.83 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 232.94 crore in the futures & options segment yesterday 7 May 2008. They were net sellers of index futures to the tune of Rs 156.68 crore and bought index options worth Rs 48.59 crore. They were net sellers of stock futures to the tune of Rs 170.83 crore and bought stock options worth Rs 45.98 crore.